The English Court yesterday granted an order allowing the Federal Republic of Nigeria’s request to proceed with its challenge to the $10 billion arbitral award made against it over three years ago. The Attorney General of Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), in a statement issued by his media aide, Dr. Umar Gwandu, said the court has allowed the FRN to bring this challenge well outside the normal time limits, due to the exceptional circumstances where the FRN has uncovered evidence of a massive fraud in procuring the award.
He said: “The court heard evidence from the FRN and the offshore shell company P&ID in relation to the gas supply and processing agreement (GSPA), which the parties entered into 10 years ago and which was never performed. “The Buhari Administration, having inherited this dispute from the previous administration, only recently uncovered evidence that the GSPA was a sham commercial deal designed to fail from the start, and that its subsequent arbitral award was based on fraud and corruption.” “The FRN relied on a number of ongoing investigations across multiple jurisdictions, including the US, to build its case. During the hearing, new evidence was presented to further support Nigeria’s challenge.”